PGN plans to go public in 2003

State gas distribution company PGN said on Thursday it planned to float its shares in the capital market in 2003.

?We will ask permission from ministry of state owned enterprises to go public and preparations are underway, including to soon conducting beauty constest to pick financial consultants? said PGN president director WMP Simanjuntak after parliamentary hearing.

He said PGN would restructure its business units into subsidiaries, leaving PGN as holding company prior to go public.

?We have formed PT. Transgasindo to manage Sumatra natural gas transmission business. The formation of other subsidiaries will follow,? he said.

He said PGN would likely to float around 20 percent of its shares.

Simanjuntak said during the first half of the year, PGN posted revenue of Rp.1.575 trillion (US$ = Rp. 8,845) and Rp.443 billion in profit before taxes. (alex)